Opportunity management is the process of looking for and following possible possibilities that can help the project or the company. These chances can come from a number of different places, such as new technologies, changes in the market, or unplanned events.
Effective chance management means finding possible opportunities early on in a project, figuring out how they might affect the project, and deciding if they are worth following. This could mean looking at the possible benefits and risks of each chance and thinking about the project’s goals and limits.
Managing opportunities can help project managers:
Improve the chances of a project’s success: Project managers can improve the chances of a project’s success by looking for and acting on chances to improve the project’s results.
Increase project efficiency: Project managers can increase project efficiency and success by looking for ways to cut costs or shorten the length of a project.
Reduce project risks: Project managers can reduce the chance that a project will fail by finding and following opportunities that can help reduce project risks.
Improve stakeholder happiness: Project managers can improve stakeholder satisfaction and involvement by chasing chances that match with the goals of stakeholders.
Overall, good chance management can help project managers be proactive, flexible, and able to adapt to changing situations, as well as take advantage of opportunities to help the project and the company.
Usage
It is used in risk management
